CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

July 11, 2008 03:01 ET

Canasia Industries Corporation Applies for Additional Coal Claims

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2008) - Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ)(OTCBB:CANSF)(FRANKFURT:45C) wishes to announce that it has applied for an additional 5 townships (approximately 115,000 acres) of contiguous coal permits in Saskatchewan. These new applications are near Goldsource Mines Inc., as well as bordering a coal prospect that recently announced it had a historic drill hole that was underlain by sandstones and shales of the Cretaceous-aged Mannville group.

During a 1994 exploration program on the adjoining property conducted by Consolidated Pine Channel Gold Corp., an approximate 18.84-metre-thick coal interval between 47.70 metres and 66.54 metres depth was identified. The discovery was made while testing a magnetic geophysical anomaly for kimberlite. The historical drill log (TL02-2, assessment report 63E-0004) indicates:

- 47.70 metres to 55.32 metres (7.62 metres): coal;

- 55.32 metres to 66.54 metres (11.22 metres): coal breccia, from 20% to 60% angular coal clasts, mixed with varying amounts of clay, silt and sand.

Neither the rank nor the grade of the coal has been determined. It should also be noted that core recoveries in the coal intersection were as low as 15%, and average less than 50% for the 7.62-metre interval. Readers should note that the above information on historic work performed on the adjoining property was done prior to implementation of National Instrument 43-101, therefore, the results spoken of do not comply with modern reporting standards and should not be relied upon until such time as additional work is completed on the property, including preparation of a National Instrument 43-101 report. As well as there is no guarantee that results found on an adjoining property will be found on the leases applied for, nor is there any guarantee that Canasia will be successful in acquiring any of these permits.

If you would like to be added to Canasia's news distribution list, please send your email address to

Graeme Sewell, Director

Canasia Industries Corporation

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's ability to close the Purchase and Sale Agreement. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) inability to obtain all necessary environmental and regulatory approvals, (9) an increase in the number of competitors with larger resources, (10) other factors beyond the Company's control; (11) the failure of the Letter of Intent or Letter Agreement to close for any reason; and (12) the ability of the Company to acquire the services of contract trades to perform work programs in a timely manner. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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